Welcome to our dedicated page for Canaan American Depositary Shares news (Ticker: CAN), a resource for investors and traders seeking the latest updates and insights on Canaan American Depositary Shares stock.
Canaan Inc. (NASDAQ: CAN), established in 2013 and based in China, is a leading technology company specializing in high-performance computing chip design, research and development of ASIC microprocessors, and the production of advanced blockchain computing equipment. Founded by Mr. Nangeng Zhang, Canaan pioneered the release of the world's first ASIC-based Bitcoin mining machines under the brand name Avalon in 2013. By 2019, Canaan had successfully launched its initial public offering on the Nasdaq Global Market.
Canaan's core business revolves around developing and manufacturing digital blockchain computing hardware and providing comprehensive computing solutions. The company's primary revenues stem from the sales of Bitcoin mining machines and their related components. Leveraging its deep expertise in ASIC design, Canaan has been at the forefront of Bitcoin mining technology, continually releasing innovative products such as the Avalon A15 series and the portable Avalon Nano 3.
In April 2024, Canaan reinforced its market position by introducing the cutting-edge Avalon A1566 mining machine, offering industry-leading energy efficiency and hashing power, providing significant benefits in the post-halving era of Bitcoin mining. The company's strategy also focuses on green mining initiatives, promoting environmentally friendly mining practices with advanced air-cooling and immersion cooling technologies.
Recent developments include the filing of the company's annual report for the fiscal year ending December 31, 2023, and participation in Blockchain Life 2024 in Dubai, where Canaan showcased its One-Stop Mining Solutions and emphasized sustainable mining practices. Additionally, Canaan announced a significant purchase agreement with Cipher Mining Technologies Inc. for 6,600 units of the Avalon Miner A1566, illustrating the strong demand for their high-performance products.
Financially, Canaan reported a revenue of US$35.1 million for the first quarter of 2024, outperforming previous guidance. Despite a challenging market, the company achieved substantial growth in mining revenue and reduced net losses, demonstrating resilience and strategic foresight. With a robust R&D pipeline and strategic partnerships, Canaan continues to advance its technological capabilities and market presence, positioning itself as a key player in the global blockchain and high-performance computing sectors.
Canaan Inc. (NASDAQ: CAN) announced a registered direct placement of approximately $170 million in American Depositary Shares at $12.60 per ADS. Investors will receive warrants to purchase up to 4,047,620 ADSs at $16.38 each, valid for three years. Proceeds will support research and development, production expansion, and general corporate purposes. The offering is expected to close by May 3, 2021. This transaction is conducted under a filed effective shelf registration statement with the SEC.
Canaan Inc. (NASDAQ: CAN) has announced a strategic partnership with Genesis Digital Assets, securing a purchase order worth up to US$93.63 million for its A1246 AvalonMiner machines. Canaan will deliver these miners throughout 2021, adding 117MW to Genesis' existing 140MW Bitcoin computing capacity. Genesis Digital Assets is a key player in the Bitcoin mining industry, responsible for over 1.2% of the global Bitcoin hashrate. The partnership aligns with Canaan's global ambitions and reflects increased interest from institutional players in the Bitcoin sector.
Canaan Inc. (NASDAQ: CAN) has partnered with Cathay Tri-Tech to introduce its AI facial recognition module, powered by the Kendryte K210 AI chip, to the Japanese market. This collaboration enhances Canaan's global reach, now covering countries including the U.S., Japan, and Germany. The AI module features low power consumption and high recognition accuracy (over 99.6%). Cathay plans to integrate this module into its AIoT product line, thereby expanding its offerings in embedded software and M2M devices. Canaan aims to explore new applications through this partnership.
Canaan Inc. (NASDAQ: CAN) announced a contract to supply 11,760 bitcoin mining machines to Mawson Infrastructure Group, adding 1.05 EH to Mawson's mining operations. The A1246 ASIC AvalonMiners will be shipped and installed throughout 2021, showcasing Canaan's strong product quality and technology. Mawson, headquartered in Sydney, operates mining facilities in the U.S. and Australia, focusing on bridging digital assets and traditional markets.
Chairman Mr. Nangeng Zhang expressed optimism about a long-term partnership with Mawson.
Canaan Inc. (NASDAQ: CAN) reported its unaudited financial results for Q4 and full-year 2020. The fourth quarter saw total net revenues plummet to RMB38.2 million (US$5.9 million), a staggering 91.8% drop year-over-year. Total computing power sold fell 93.1% to 0.2 million Thash/s. Despite the challenges, gross profit improved to RMB9.1 million from previous losses. The net loss narrowed significantly to RMB72 million from RMB798.2 million year-over-year. For 2021, Canaan expects improved revenues, forecasting at least RMB400 million in Q1, buoyed by a surge in Bitcoin prices.
Canaan Inc. (NASDAQ: CAN) will release its fourth quarter and full year 2020 financial results on April 12, 2021, before market opening. A conference call is scheduled for the same day at 8:00 A.M. ET to discuss the results. Participants must register online to join the call. A replay will be available until April 20, 2021. Canaan, established in 2013, specializes in high-performance computing solutions, including AI chips. The company has made significant advancements in AI technologies and is focused on AI research and development.
Canaan Inc. (NASDAQ: CAN) announced significant improvements in revenue visibility for 2021 due to over 100,000 bitcoin mining machine orders from North America, many with prepayments. The company expects these orders to fully utilize its manufacturing capacity for the year. The strategic shift in client base towards publicly traded companies and bitcoin-focused funds has enabled better revenue forecasting, optimizing production and logistics, and enhancing customer satisfaction. Canaan aims for sustainable profitable growth through these measures.
Canaan Inc. (NASDAQ: CAN) announced the resignation of Chief Financial Officer Mr. Quanfu Hong, effective February 9, 2021, for personal reasons. Mr. Tong He, the Director of Finance since July 2020, will assume the acting CFO role. Mr. He has a strong background in finance, previously serving in leadership roles at companies like Diankeyun and Lenovo. The Chairman, Mr. Nangeng Zhang, expressed gratitude to Mr. Hong for his contributions and confidence in Mr. He’s ability to ensure a smooth transition. Canaan continues to focus on high-performance computing solutions and AI technologies.
Canaan Inc. (NASDAQ: CAN) reported its unaudited financial results for Q3 2020, revealing significant challenges. Total net revenues were RMB163.0 million (US$24.0 million), down 75.7% year-over-year, with a gross loss of RMB17.0 million (US$2.5 million). The company faced a net loss of RMB86.4 million (US$12.7 million), compared to net income in Q3 2019. Despite a 13.4% quarter-over-quarter increase in computing power sold, the overall performance was driven down by decreased demand and pricing pressure. Canaan focused on R&D, launching new products while navigating pandemic-related disruptions.
Canaan Inc. (NASDAQ: CAN), a leader in high-performance computing solutions, will announce its third quarter 2020 financial results on November 30, 2020, before market opening. A Direct Event conference call will follow at 7:00 A.M. ET to discuss the results. Participants must register via the provided link for access details. The call will be available for replay until December 8, 2020. Canaan, established in 2013, specializes in AI chips and advanced technology solutions.
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